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Abu Dhabi eyes oil price below $100

Oil prices should stay within range from $85 to $110 over next year, senior gov't official says.

Oil prices should stay within a range from $85 to $110 over the next year, the chairman of the Executive Affairs Authority, an executive arm of Abu Dhabi's government, said on Monday.

"I expect oil prices will be in the immediate foreseeable future, in the short term, up to a year, in that range of between probably $85 up to $110," Khaldoon Khalifa Al Mubarak told a breakfast meeting in Madrid.

"In the mid-term it depends on the geo-political situation in the region and the world and really the prospect of a global recession," Al Mubarak said.

"Certainly the medium-term situation, given the state of the global economy today, is very challenging to give a good guess as to where oil prices are going," he said.

He added that oil prices had crossed a "psychological barrier" in the last couple of years.

"Today we have crossed the line that many people thought was not possible, but we crossed it and we're doing fine," he said. (Reuters)